XRP price is consolidating in a very tight range with very limited price action. The price tried to break the critical resistance barrier but failed. Investors are waiting for a break out of the short-term trading range of $0.80 and $0.90 to set the new direction bias.
XRP price is trading in a very tight range with no meaningful action. A decisive close above $0.90 will pave the way for the next upward target of $1.0. Furthermore, the price remains under pressure below the 200-day EMA.
At the time of writing, XRP/USD is trading at $0.83, up 0.79% for the day. The seventh largest cryptocurrency by market capitalization has a 24-hour trading volume of $1,593,914,210 according to CoinMarketCap.
XRP Price Seeks Bullish Continuation
On the daily chart, XRP price continues to trade lower after forming a ‘double top’ formation near $0.91. A double top pattern is a bearish reversal formation. Since then, the price has retested its lows around $0.78.
Source: Trade View
Now, renewed buying pressure could surpass the strong resistance filter placed as the 200-day EMA (exponential moving average) at $0.84. A daily close above the stated level first meets the psychological level of $0.90
Next, market participants would target the December 23 highs at $1.02.
On the contrary, if the price does not keep the session low, it would negate the bullish case for the asset. On a downside move, the support could be near the horizontal support at around USD 0.80.
This also marks the break of the rising trendline, which extends from the lows of $0.62. More can be sold in the direction of $0.75.
RSI: The daily Relative Strength Index is hovering below the average line with a neutral bias. He is currently at 51.
MACD: The moving average convergence divergence indicates declining bullish momentum while still remaining above the central line.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
About the author
Rekha started out as a Forex market analyst. Analysis of fundamental news and its impact on the market movement. Develop interest in the fascinating world of cryptocurrency later on. Tracking the market using technical aspects. Investigate analysis of the chain to follow the market.
This post A daily close above $0.90 targets $1.0 Next
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